8x8 exchanges $404M of convertible notes, enters $250M term loan, and repurchases $60M of stock

8X8 INC /DE/

Exchanged approximately $404 million principal amount of 0.50% Convertible Senior Notes due 2024 for $202 million of new 4.00% notes due 2028 and $182 million cash.
Entered into a $250 million senior secured term loan credit agreement led by Francisco Partners, maturing August 2027, with interest at Term SOFR plus 6.50%.
Repurchased $60 million of common stock at $5.61 per share, reducing shares outstanding by about 10.7 million (8.9%).
Issued warrants to purchase 3.1 million shares of common stock at $7.15, representing a 27.5% premium over the closing price on August 3, 2022.
New term loan proceeds will fund the cash portion of the exchange and the stock repurchase; closing expected August 10-11, 2022.

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